Forbes: The Billionaire Who Wanted To Die Broke . . . Is Now Officially Broke (Chuck Feeney)

Uncivilized Elk · Sep 16, 2020

Teh_Lurv said:
The man gave away billions and this thread is obsessed with a clickbait title calling him broke. Come on....

Nah, it's completely valid, compare the two below:

As of today, everyone who is broke will actually have 2 million dollars.

Billionaire gave away all their money - literally has $0.00 to their name.

That first one would be way more surprising of a thing to happen. Comically so, like can you even imagine? Therefore, that clickbait title that insinuates society is actually already like that will garner more attention for the dumb title.

Uncivilized Elk · Sep 16, 2020

GloomyHitsuji said:
Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

Soda · Sep 16, 2020

People are focusing on the dumb article title and not the fact that this guy did exactly what almost everyone here asks of billionaires. Good guy right there.

Powdered Egg · Sep 16, 2020

What charities? If he gave away $9B to the Homeless Bigoted Republican Youth charity then we're back to square one.

Soda said:
People are focusing on the dumb article title and not the fact that this guy did exactly what almost everyone here asks of billionaires. Good guy right there.

We want them to pay taxes in the societies they live in. "Charity" is vague as hell and doesn't avoid the fact that they are tax cheats. So they rob from the American people and build 9 Racquetball Courts in Prague, why should we praise them again?

FTF · Sep 16, 2020

Wow that's amazing and good on him.

Also, can we get a follow-up article with interviews from fam/those who would have been in his will? lol

Wrexis · Sep 16, 2020

All the responses in this thread are so goddamn petty. Grow up.

He's donated millions not just to big universities, but he's done a lot for local schools too.

Chuck Feeney's legacy lives on as philanthropic fund winds down

Programme leaders from Trinity College Dublin met their benefactor - philanthropist and former billionaire Charles 'Chuck' Feeney - at the Global Brain Health Institute conference in San Francisco last week. They were among 70 programme leaders who gathered together from across the globe.

www.independent.ie

There's a children's national school about a half hour drive from me that about 20 years ago got a massive overhaul. I never knew until a few weeks ago he funded it.

SatoAilDarko · Sep 16, 2020

Teh_Lurv said:
The man gave away billions and this thread is obsessed with a clickbait title calling him broke. Come on....

Yeah.

astro · Sep 16, 2020

GloomyHitsuji said:
ppl saying he's not broke cos he have 2mil (you don't expect him to give away until he has like $20 in his pocket, right?)

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

No it's not anything like the same. 2 million is still super rich by the world's standards, $200 is more than a lot of people have, but it won't last for long.

meowdi gras · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

If I had even $2K to my name, I'd feel like a millionaire. Alas, I don't.

Teh_Lurv said:
The man gave away billions and this thread is obsessed with a clickbait title calling him broke. Come on....

You're right. He deserves to be roundly praised and worshipped as a paragon for showing a bare minimum level of humanity.

GuessMyUserName · Sep 16, 2020

GloomyHitsuji said:
ppl saying he's not broke cos he have 2mil (you don't expect him to give away until he has like $20 in his pocket, right?)

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

Nobody is saying he has to actually go broke, it's just that calling him broke is disingenuous and insulting.

And no, going "down" to a wealthy 2mil will never at all be similar to being being piss broke survival. Arguing that the thread shouldn't be focused on the clickbait usage of "broke" is fair, but actually defending it is ludicrous and will only feed that portion of the topic.

Biggersmaller · Sep 16, 2020

He gave money to some righteous causes, though that headline deserves all the mockery it receives.

Aureon · Sep 16, 2020

meowdi gras said:
You're right. He deserves to be roundly praised and worshipped as a paragon for showing a bare minimum level of humanity.

Uhm
Being one of the richest people on the planet, and giving away all that wealth and power, is definitely above "bare minimum"
People often conflate being downtrodden and being good. The two things have no correlation at all.

This is a good person.
A policy failure that he was put there, because there should be no billionaries, but it takes immense moral fortitude to do *that*. It's definitely not something anybody would do.

julia crawford · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

Broooooooooooo

electroshockwave · Sep 16, 2020

GloomyHitsuji said:
ppl saying he's not broke cos he have 2mil (you don't expect him to give away until he has like $20 in his pocket, right?)

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

That must be the same as going from $45 to 1 cent then.

Baji Boxer · Sep 16, 2020

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)
[/QUOTE]

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

Bullshit.

RestEerie · Sep 16, 2020

Looking at the reactions here, guess I won't be donating a single cent when I inevitably become a millionaire in another 8 months (going by current trajectory).

Don't eat me please though..

Baji Boxer · Sep 16, 2020

GloomyHitsuji said:
ppl saying he's not broke cos he have 2mil (you don't expect him to give away until he has like $20 in his pocket, right?)

Yes

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

No. That's not how it works.

Josh378 · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

Dude, you can retire off of $2000000. $2000000 is still a lot depending on where you live at. Obviously I would not be living in California with $2000000.

But a nice home in Kansas City? Yeah I can sit on 2000000 and live a righteous age with it.

Frodo · Sep 16, 2020

Maxim726x said:
Guys... He gave away *9 billion* dollars.

God damn.

It's like people don't know how headlines work.

Gentlemen · Sep 16, 2020

People shitting on him for having $2mil left like he doesn't have end-of-life expenses to deal with are being really gross and judgmental and miserable for no reason. Do better.

FTF · Sep 16, 2020

Maxim726x said:
Guys... He gave away *9 billion* dollars.

God damn.

I would like to say I expected more from era on this...but 😕.

cubicle47b · Sep 16, 2020

Considering how expensive health care can be he might actually die broke.

Dreamwriter · Sep 16, 2020

It's gotta be a hard thing to do, because most billionaires don't have billions in cash, it's all stocks. So to give away the money you have to sell that stock, which makes it so you lose control of the company you built, and you have to do it carefully as to not have the act of selling harm the company value as that could put lots of people out of a job.

flaxknuckles · Sep 16, 2020

He should have gave some to me. I'll take that last 2 million so the headline actually applies sir.

Whitemex · Sep 16, 2020

Nah, let's just let billionaires hoard money and let it sit in banks and stocks and never use it

Trup1aya · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

2 million is a massive amount of money to have for a "normal person".

Normal people live check to check.

Gaf Zombie · Sep 16, 2020

Good on him.

People shouldn't be able to pass down insane amounts of wealth.

Also yeah, 2 mil relative to 9 bil is broke. JFC people.

DeltaRed · Sep 16, 2020

People obsessing over the 2 million left and ignoring how much he gave away is shitty.

Zoso · Sep 16, 2020

Over the last four decades, Feeney has donated more than $8 billion to charities, universities and foundations worldwide through his foundation, the Atlantic Philanthropies. When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife's retirement. In other words, he's given away 375,000% more money than his current net worth. And he gave it away anonymously.

"If you're anonymous, how come people know about it?"

John Dunbar · Sep 16, 2020

Dreamwriter said:
It's gotta be a hard thing to do, because most billionaires don't have billions in cash, it's all stocks. So to give away the money you have to sell that stock, which makes it so you lose control of the company you built, and you have to do it carefully as to not have the act of selling harm the company value as that could put lots of people out of a job.

how does changes in stock price put people out of a job?

Deleted member 69501 · Sep 16, 2020

That's the trickle effect y'all!!!

#ragenomics

Deleted member 69501 · Sep 16, 2020

John Dunbar said:
how does changes in stock price put people out of a job?

Easy, the simple act of selling vast quantities of sticks triggers a sell of, in the end someone would in theory be left holding valueless stock.

This is especially true if the sell of is triggered by the owner/CEO of a corp. Tho I would argue that they wouldn't sell it retail investor style, you'd obviously get some billionaires to just buy all your stock wholesale.

VariantX · Sep 16, 2020

GloomyHitsuji said:
ppl saying he's not broke cos he have 2mil (you don't expect him to give away until he has like $20 in his pocket, right?)

Isn't going from 9bil -> 2mil
similar to someone going from 900k in their bank account to $200? (that's pretty broke to me)

Not in this universe. People can work their whole adult lives, save from an early age and put their money in all the right places and still won't have that much money at retirement

Dreamwriter · Sep 16, 2020

John Dunbar said:
how does changes in stock price put people out of a job?

Not directly, but since you no longer control the company, you can't stop the company from trying to keep its stock price from dropping by laying off people. The people who would end up in control of the company would be investors who only care about profit, however it can be achieved.

Desi · Sep 16, 2020

I am able to blow 2mil just moving about 5 blocks from me https://www.redfin.com/MD/Baltimore/3908-N-Charles-St-21218/unit-1303/home/10837137

$2 million doesn't go as far as it used to. Don't want to be a $20 million broke like Cousin Greg in Succession on HBO. Luckily he lives frugality.

Jogi · Sep 16, 2020

well thid was the most predictable era thread derail ever. Haha.

Good on him though. We definitely aren't cheering the system that allowed it, but we can be happy that he did something completely voluntarily no matter the "cost."

John Dunbar · Sep 16, 2020

Andrewuthaboss said:
Easy, the simple act of selling vast quantities of sticks triggers a sell of, in the end someone would in theory be left holding valueless stock.

This is especially true if the sell of is triggered by the owner/CEO of a corp. Tho I would argue that they wouldn't sell it retail investor style, you'd obviously get some billionaires to just buy all your stock wholesale.

that kind of sell-off is only triggered if there's something fundamentally wrong with the company, otherwise it will just be a dip in stock prices and a bargain for other investors, unless for some unimaginable reason the success of the company depends on one particular individual owning a lot of stock. major owner giving up their stocks because they want to retire or just have a bunch of money (or perhaps just dying) does not damage the ability of a publicly traded company to do business.

Uncivilized Elk · Sep 16, 2020

Gentlemen said:
People shitting on him for having $2mil left like he doesn't have end-of-life expenses to deal with are being really gross and judgmental and miserable for no reason. Do better.

Lmao wtf.

People are (obviously and predictably) shitting on a clickbait headline. How the fuck are members somehow comically finding a way to lose their shit about this? Y'all...

Hektor · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people''

olag · Sep 16, 2020

Alastor3 said:
honestly, 2m isn't that much nowadays even for ''normal people'', even more especially if you were a billionnaire

.......yo 2 million is a hell of a lot of millage especially if you're currently on minimum wage and your not wasting the money. What you on about?

How About No · Sep 16, 2020

I hope he was at least able to make some positive difference

Zelenogorsk · Sep 16, 2020

give away the other 2 million bitch

also I don't see this as a feel good story because in a just society a person would never be able to accumulate that much wealth in the first place

elyetis · Sep 16, 2020

VariantX said:
Not in this universe. People can work their whole adult lives, save from an early age and put their money in all the right places and still won't have that much money at retirement

Yeah, having money isn't something linear like that "900k in their bank account to $200" comparison, there is a minimum cost of living.

We can also simply take a look at a thread like How Long Would $500K Last You?, where multiple people said that it could be enough to not have to work for the rest of their life, that's 4 times less money and while not being 89 years olds. It will take me 20 years to pay the mortgage of my place which is only worth 1/20th of that 2M.

Good on him, that still makes him a better person than 99% of the bilionaire.

But this is still a broken system, just by looking at things like the repartition of the money he gave, you immediately see why when your read something like "$1 billion went to his alma mater, Cornell".

Gentlemen · Sep 16, 2020

Uncivilized Elk said:
Lmao wtf.

People are (obviously and predictably) shitting on a clickbait headline. How the fuck are members somehow comically finding a way to lose their shit about this? Y'all...

This is a story about 40 years of private giving from a billionaire ending in a retirement where he and his wife live out their retirement on what amounts to a rounding error.

Era wants to run by with a bunch of Dwight Schrute "ackchyually..." takes about only the headline and also kvetch about his remaining wealth like it's a bad thing, as if this is the 'civil discourse' this forum is supposed to be. It's not civil discourse it's an insufferable, bottomless pit of wretched misery.

krazen · Sep 16, 2020

Soda said:
People are focusing on the dumb article title and not the fact that this guy did exactly what almost everyone here asks of billionaires. Good guy right there.

Yup.
Dude did the right thing in my book. Outside of giving cash to Cornell (profit, non-for profit colleges get my ire) this is a solid hitlist:

While his philanthropy is out of business, its influence reverberates worldwide thanks to its big bets on health, science, education and social action. Where did $8 billion go? Feeney gave $3.7 billion to education, including nearly $1 billion to his alma mater, Cornell, which he attended on the G.I. Bill. More than $870 million went to human rights and social change, like $62 million in grants to abolish the death penalty in the U.S. and $76 million for grassroots campaigns supporting the passage of Obamacare. He gave more than $700 million in gifts to health ranging from a $270 million grant to improve public healthcare in Vietnam to a $176 million gift to the Global Brain Health Institute at the University of California, San Francisc

kess · Sep 16, 2020

I'm surprised some wealth management type hasn't strolled into this thread and said "well, actually he could have helped more people over a longer period of time if he put his money into X."

That he can live comfortably with 2 million rather than billions sounds like marginal utility theory in action.

WascallyWabbit · Sep 16, 2020

This is pretty dope, some of y'all need to chill with the hate, dude did more than enough. Wish other billionaires did close to this

meowdi gras · Sep 16, 2020

Aureon said:
Uhm
Being one of the richest people on the planet, and giving away all that wealth and power, is definitely above "bare minimum"
People often conflate being downtrodden and being good. The two things have no correlation at all.

When a thief steals money, giving it back is the bare minimum.

RestEerie said:
Looking at the reactions here, guess I won't be donating a single cent when I inevitably become a millionaire in another 8 months (going by current trajectory).

Don't eat me please though..

If you're donating to charity solely for the purpose of soliciting praise, you may want to rethink your values.

Koukalaka · Sep 16, 2020

Does the $2m include assets, because depending where he lives a modestly sized house could take up a good chunk of that.

Inugami · Sep 16, 2020

People taking a cheeky title by the article author a little too seriously.

Forbes: The Billionaire Who Wanted To Die Broke . . . Is Now Officially Broke (Chuck Feeney)

Took the red AND the blue pills

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